Symbol "AKV": TSX Venture Exchange
VANCOUVER, May 18 /CNW/ - Acrex Ventures Ltd. ("Acrex" or the "Company") has signed an Option Agreement dated April 20, 2010, securing an option to acquire 100% ownership of the Grizzly-Kellar group of mineral claims (the "property"). To exercise and maintain the option the Company must:
(a) pay the optionors $15,000 on signing;
(b) issue the optionors 100,000 shares within the latter of 7 days after
the Agreement is accepted for filing by the Exchange or the date an
independent geologist retained by the Company has completed an
examination of the property and provided to the Company a positive
recommendation to proceed with exploration work on the property (the
(c) by one year after the Effective Date pay the optionors $20,000, issue
them 100,000 shares and complete $100,000 of work on the property;
(d) by two years after the Effective Date pay the optionors $30,000,
issue them 200,000 shares and complete an aggregate total of $300,000
of work on the property;
(e) by three years after the Effective Date pay the optionors $35,000,
issue them 300,000 shares and complete an aggregate total of $500,000
of work on the property;
(f) by four years after the Effective Date pay the optionors $20,000,
issue them 150,000 shares and complete an aggregate total of $750,000
of work on the property; and
(g) by five years after the Effective Date pay the optionors $20,000,
issue them 150,000 shares and complete an aggregate of $1,000,000 of
work on the property.
The optionors will retain a 2.0% NSR Royalty. The Company may re-purchase a 1.0% NSR Royalty for $1.5 million on or before two years from the date of the commencement of commercial production on the property.
The Grizzly-Kellar Lake gold property hosts a new gold discovery located in the northeast corner of Guettard township - 45 miles west of the mining town of Chibougamau, Quebec and 340 miles north of Montreal. The nearest permanent settlement to the property is the town of Chapais, 28 miles to the southeast. The Chapais-Chibougamau area has been a mining district since the early 1950s. In 1960, the area became the first copper producing region in eastern Canada. Chibougamau is best known for its copper mining with cumulative production greater than 2.5 billion pounds. However, it has also produced 4.3 million ounces of gold, with 1.26 million ounces coming from the Joe Mann mine. The Grizzly-Kellar property is located 83 km northwest of the Joe Mann mine.
The Grizzly-Kellar property is comprised of 120 contiguous claims covering an area approximately 6,270 hectares (approximately 15,490 acres). The property lies along an east-west trending regional fault zone that marks a major volcanic-sedimentary rock contact.
A recent logging road program provided access to the area where local prospectors Messrs. Bouchard and Lamothe discovered widespread alteration (carbonatization-silicification) and mineralization (arsenopyrite, pyrite) occurring in sheared gabbro and feldspar porphyry. Grab samples from the two lithologies returned gold assays up to to 5.1 g/t Au.
The principal gold-showing on the property occurs in a quartz vein cutting volcanic rocks of acidic to intermediate composition which is sideritic in place. This gold-bearing quartz vein varies in width from a few inches to 5 feet and has been traced in the main trench for a distance of approximately 300 feet. It has a vertical or near vertical dip and strikes north 25 degrees to 30 degrees east. In places the quartz vein contains pyrite. This vein suggests that the primary exploration target on the Kellar property is a gold deposit associated with quartz veins in fracture-zones in metamorphosed volcanic rocks.
A stripping and washing program completed in 2006 uncovered a 4-5m wide silicified (stockwork) feldspar porphyry dyke containing disseminated, arsenopyrite, pyrite, galena and chalcopyrite cutting a gabbro body. In contact with the porphyry the gabbro is highly carbonated and silicified containing up to 10% arsenopyrite over widths of 5m on each side of the dyke. The stripping has exposed the mineralization over a length of 150m and a width of up to 25m. The mineralized zone remains open along strike.
The optionors of the property are G.L. Geoservices Inc. and Marc Bouchard, both of Quebec City. The Option Agreement is subject to final documentation and acceptance for filing by the TSX Venture Exchange.
Malcolm Powell, President of Acrex comments, "We are very excited to have an opportunity to acquire a 100% interest in the Grizzly-Kellar property. Quebec has consistently been recognized as one of the best mining jurisdictions in the world. In addition, recent drilling efforts conducted by Eagle Hill Exploration Corporation only 100 kilometers to the southwest of the Grizzly-Kellar property has produced some exceptional results. With approximately $1.6 million of working capital, we can commence working on this property immediately. With our 2010 program on our Spanish Mountain property also commencing as soon as the weather permits, we are looking forward to having a very active summer."
ACREX VENTURES LTD.
T.J. Malcolm Powell,
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
SOURCE ACREX VENTURES LTD.
For further information: For further information: ON ACREX PLEASE CONTACT: Investor Relations - Tel: (604) 618-1758, Fax: (604) 687-4212, e-mail: email@example.com, website: www.acrexventures.com